mortgage

A new survey has found that one in five property owners have stated that they will face severe mortgage stress if their monthly home loan repayments were to be increased.

The Reserve Bank of Australia has warned that it may soon have to lift the cash rate from its present 3 per cent.

A set of principles to assist borrowers that are experiencing financial difficulties during tough economic times has been signed by retail banks, building societies and credit unions.

All 144 retail banks, building societies and credit unions joined Australia's big four banks in the government's principles to assist borrowers.

A new survey has found that more than 1.3 million households are suffering mortgage stress despite low interest rates.

Most of the banks are slashing their loan ratios in a bid to protect themselves from falling house prices.

Over the past two weeks Commonwealth Bank, BankWest, ING, Citibank and Suncorp have all cut their maximum loans from 95 per cent to 90 per cent of the property value and may cut them even further. The ANZ cut their maximum loan to 90 per cent last November.

Prime Minister Kevin Rudd announced yesterday 12 months of mortgage relief for the unemployed.

For the first time ever Australia's major banks have got together to help prevent struggling families from losing their homes.

According to brokers the latest interest rate cut and the improvement to the first-homebuyer's grant have brought about a surge in demand for mortgages over the past few days.

1. Formulate a budget for household and personal expenses, and review on a regular basis. This routine will maximize your ability to make informed financial choices and decisions.
2. The larger the deposit you can save the less you pay in stamp duty and other variable costs, which are calculated as a percentage of the sum borrowed.

The Federal Government’s exit fee rescue package for struggling mortgage holders is drowning in a sea of bureaucracy and may be delayed because of concerns of the RBA

Treasurer Wayne Swan will deliver the account-switching package on November 01.